Kraken Parent Company Buys Magic Labs Wallet Business

The company known for building embedded wallet tech for popular platforms like Polymarket and WalletConnect has officially sold that division to Payward. Payward is the parent company of the well known cryptocurrency exchange Kraken. This deal marks a major change for the team behind these tools.

Following the sale, the firm is moving in a different direction. Co founder and CEO Sean Li announced that the company is rebranding itself as Newton Labs. This name change signals a fresh start for the organization as it moves away from its original wallet infrastructure focus.

For users and developers, this acquisition means the infrastructure supporting many apps will now fall under the Kraken umbrella. Traders should keep an eye on how Kraken integrates this technology into their existing services. The shift highlights how established exchange operators are moving to secure more tools and talent within the crypto infrastructure space.